Our fees

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As an Industry Super Fund, we're run only to benefit you, our members. It means more money in your account to enjoy your retirement. 

  • Fees and costs summary

    The table below shows fees and other costs you may be charged from 1 February 2023. These may be deducted from your super, from the returns on your investments or from the assets of the Fund as a whole.

    Taxes and insurance costs are set out in How Super Works and the Insurance Guide.

    Fees for TWUSUPER (Industry, TransPersonal and Transuper members)

    Type of fee Amount When and how paid
    Ongoing annual fees and costs1 
    Administration fees and costs $6.50 per month (or $78 pa), plus 0.25% direct expense recovery fee (capped at $750 pa) Calculated monthly and deducted directly from your account
    Investment fees and costs2 Cash Plus: 0.10% pa of your account balance
    Conservative: 0.39% pa of your account balance
    Moderate: 0.46% pa of your account balance
    Balanced (MySuper): 0.62% pa of your account balance
    High Growth: 0.56% pa of your account balance
    Deducted daily from the investment option before unit prices are determined
    Transaction costs Cash Plus: 0.00% pa of your account balance
    Conservative: 0.04% pa of your account balance
    Moderate: 0.04% pa of your account balance
    Balanced (MySuper): 0.05% pa of your account balance
    High Growth: 0.06% pa of your account balance
    Deducted daily from the investment option before unit prices are determined
    Member activity related fees and costs
    Buy-sell spread Nil Not applicable
    Switching fee Nil Not applicable
    Insurance administration fee Calculated as 3% of an insured member’s gross insurance premiums Calculated monthly and deducted directly from your account (insured members only)
    Other fees and costs3 Activity fees relating to personal advice (if requested), contribution splitting, Family Law and insurance fees (in the form of premiums) may also be charged to your account.

    1 If your account balance is less than $6,000 on the last day of the financial year or on leaving the Fund, certain fees and costs are capped at 3% of your account balance. Any amount charged in excess of that cap must be refunded.

    2 Investment fees and costs includes an amount for performance fees. The calculation basis for these fees is set out under ‘Additional explanation of fees and costs’.

    3 See the ‘Additional explanation of fees and costs’ for further details. If you choose to see a financial adviser they may charge additional fees – these will be detailed in the Statement of Advice they provide to you.

  • Example of annual fees and costs

    This table gives an example of how the fees and costs for the Balanced (MySuper) option for this super product can affect your super investment over a one-year period. You should use this table to compare this super product with other super products.

    Example – Balanced (MySuper) Balance of $50,000
    Administration fees and costs $6.50 per month (or $78 pa), plus 0.25% direct expense recovery fee (capped $750 pa) For every $50,000 you have in the superannuation product, you will be charged or have deducted from your investment $78 in administration fees and costs, plus $125 regardless of your balance
    PLUS
    Investment fees and costs
    0.62% pa of your account balance And, you will be charged or have deducted from your investment $310 in investment fees and costs
    PLUS
    Transaction costs
    0.05% pa of your account balance And, you will be charged or have deducted from your investment $25 in transaction costs
    EQUALS
    Cost of product
      If your balance was $50,000, then for that year you will be charged fees of $538 for the superannuation product

    Note: Additional fees may apply, including an insurance administration fee for insured members.

  • Cost of product for 1 year

    The cost of product gives a summary calculation about how ongoing annual fees and costs can affect your superannuation investment over a one-year period for all superannuation products and investment options. It is calculated in the manner shown in the ‘Example of annual fees and costs’ (above).

    The cost of product information assumes a balance of $50,000 at the beginning of the year, which is invested in a single investment option (additional fees may apply – refer to the ‘Fees and costs summary’ above for the relevant superannuation product or investment option.)

    You should use this figure to help compare superannuation products and investment options.

    Investment option Cost of product
    Cash Plus $253
    Conservative $418
    Moderate $453
    Balanced (MySuper) $538
    High Growth $513
  • Additional explanation of fees and costs

    Administration fees and costs

    The administration fees and costs relate to the administration and operation of the Fund and are made up of two components:

    • a flat dollar fee of $6.50 per month ($78 pa), and
    • an expense recovery fee of 0.25% of your account balance. This includes certain operational costs such as administration charges, legal fees and office expenses estimated to be incurred for the financial year ending 30 June 2024. If it becomes apparent that actual costs will vary in a materially adverse fashion, this fee will be updated.

    Administration fees and costs are calculated monthly and deducted directly from your account.

    Investment fees and costs

    Investment fees and costs relate to the investment management of the Fund’s assets, such as base and performance related fees paid to investment managers and advisers, management fees charged in investment vehicles, asset consulting fees, bank fees, custodian fees and internal costs related to the management of the Fund’s assets.

    Included in the investment fees and costs are performance fees – see ‘Performance fees’ below for more information.

    Investment fees and costs are estimated, based on information for the financial year ending 30 June 2024 and the Fund’s strategic asset allocation as at 30 June 2024. If it becomes apparent that actual costs will vary in a materially adverse fashion, this fee will be updated.

    Investment fees and costs are calculated and deducted daily from the relevant investment option before unit prices are determined.

    Estimated investment fees and costs for each investment option are shown in the table below:

    Investment option Investment fees and costs (% pa)
    Cash Plus 0.10% pa of your account balance
    Conservative 0.39% pa of your account balance
    Moderate 0.46% pa of your account balance
    Balanced (MySuper) 0.62% pa of your account balance
    High Growth 0.56% pa of your account balance

    Transaction costs

    Transaction costs include explicit transaction costs such as brokerage, settlement costs and stamp duty. They do not include a buy/sell spread, which the Fund does not charge.

    Transaction costs are an estimate based on the explicit transaction costs incurred by the Fund and underlying investment vehicles over the year ended 30 June 2024. These estimates are based on information provided by our investment managers and custodian and reflect actual amounts for the year ended 30 June 2024 where available and some estimated components. If it becomes apparent that actual costs will vary in a materially adverse fashion, this fee will be updated.

    Transaction costs are calculated and deducted daily from the relevant investment option before unit prices are determined.

    Estimated transaction costs for each investment option are shown in the table below:

    Investment option Transaction costs (% pa)
    Cash Plus 0.00% pa of your account balance
    Conservative 0.04% pa of your account balance
    Moderate 0.04% pa of your account balance
    Balanced (MySuper) 0.05% pa of your account balance
    High Growth 0.06% pa of your account balance

    Performance fees

    For the Conservative, Moderate, Balanced (MySuper) and High Growth investment options, investment fees and costs include performance fees that may be payable where investment managers exceed agreed performance targets.

    Performance fees are included in the investment fees and costs calculations, where applicable (see 'Investment fees and costs’ above for more information).

    We are required to disclose performance fees calculated on the basis of accrued performance fees averaged over the five financial years ended 30 June 2024 or since inception, except in certain circumstances (eg. where an average over five years is not available).

    We have estimated performance fees for all investment options based on information provided by our investment managers for the five years to 30 June 2024 or since inception. These estimated performance fees are shown in the table below.

    The amount of performance fees paid by the Fund each year will vary depending on the level of performance by each investment manager. If a performance fee becomes payable, it is passed onto members as an adjustment to the relevant investment option’s unit price. Note, a performance related fee will not always be payable.

    Estimated performance fees for each investment option are shown in the table below:

    Investment option Performance fees (% pa)
    Cash Plus 0.00% pa of your account balance
    Conservative 0.0216% pa of your account balance
    Moderate 0.0506% pa of your account balance
    Balanced (MySuper) 0.1455% pa of your account balance
    High Growth 0.1278% pa of your account balance

    Note: Past performance is not indicative of future results.

    Reserves

    The Fund maintains four reserves:

    • The Operational Risk Reserve (ORR) is designed to protect members’ investments against adverse events resulting from failed processes or systems and external events such as fraud. Funding was slightly below the ORR’s target level of 0.25% but above the lower tolerance level of 0.225% as at 30 June 2024.
    • The Strategic Risk Reserve (SRR) is designed to protect members’ investments against losses resulting from strategic and reputational risk events. The SRR’s target level is 0.10% with a tolerance level of 0.07% of net Fund assets. The target level was fully funded as at 30 June 2024.
    • The Trustee Reserve (TR) is designed to set aside funds for the payment of financial penalties that regulators may subject the Fund to, exposing it to the risk of insolvency. Although the TR’s target level is $6.5 million and was funded to an amount of $4.24 million as at 30 June 2024, cash balances in the Nominee Company are greater than the lower tolerance limit threshold.
    • The purpose of the General Reserve (GR) is to provide protection in the way of a buffer to additional working capital for the Trustee’s business operations. In general terms, the GR is to carry additional working capital of $7 million (target amount) and tolerance level of $4 million. The GR was fully funded as at 30 June 2024.

    Fee cap

    If your account balance is less than $6,000 on the last day of the financial year or upon leaving the Fund, the total amount of administration fees, investment fees and indirect costs charged for that year will be capped at no more than 3% of your account balance.

    Refunds of any amount charged in excess of that cap will be made within three months.

    Fee changes

    All fees may be revised or adjusted from time to time without your consent, and we may also introduce new fees. However, we will give you at least 30 days’ notice of any material increase in fees, unless the increase arises only from an increase in costs.

  • Other fees and costs

    Insurance fees

    Insurance fees apply to insured members and are made up of two parts.

    • Premiums: Insurance premiums apply to all insured members and vary depending on what cover you have, the level of cover, your age and your insurance group.
    • Insurance administration fee: In addition to insurance premiums, all insured members are charged an insurance administration fee. This fee is calculated as 3% of an insured member’s gross insurance premiums, charged as a separate and stand-alone fee.

    Insurance fees are payable monthly in arrears from your account. At the end of each month, you must have enough money in your account to cover the premiums or your insurance will lapse on the last day of the month in which there is an insufficient account balance to deduct the previous month’s premiums in full.

    If we are unable to deduct the full monthly premium for the last month of cover, we will deduct any remaining fee still owing when your account balance holds sufficient funds to allow the fee to be deducted. This will be a one-off deduction for the last month of cover and will be detailed in your periodic statement as such.

    Government rules mean that if your account doesn’t receive a contribution or rollover for at least 16 months, insurance cover must be removed from your account (unless you let us know you wish to keep it). If the balance in your account is less than $6,000, we may also be required to transfer the account to the ATO – if we do so, you will no longer be a member of TWUSUPER and any insurance cover attached to the account will be turned off.

    Family Law account splitting fee

    If your account must be split to effect a Family Law splitting order or arrangement, a fee of $50 applies. The fee will be divided evenly and deducted from your account and your former spouse’s entitlement when the account split is processed.

    Contribution splitting fee

    If you split super contributions with your spouse, and your spouse’s account is held with TWUSUPER, no fee applies. However, if your spouse’s account is not held with us, a fee of $55 applies. This fee is deducted from your account when the split is processed.

    Personal advice fee

    This fee is agreed between you and our preferred financial advice provider for personal advice. Generally, if the financial advice is about super, you can have this fee deducted from your account. We don't pay commissions to financial advisers.

  • Taxes and fees

    Goods and Services Tax (GST)

    GST applies to most fees charged to the Fund (but is not payable on investments purchased by the Fund). Generally, we cannot claim full input tax credits for these fees, but may be entitled to reduced input tax credits for part of these fees. All the fees and costs shown in the 'Fees and costs summary' above are inclusive of GST and any applicable reduced input tax credits.

    Tax deductions

    The Fund may be entitled to claim a tax deduction against its taxable income for expenses. The tax impacts for the following expenses are reimbursed as follows:

    • Insurance premiums: The Fund reimburses any tax deduction applicable to insurance premiums directly to members’ accounts monthly.
    • Investment and expense recovery fees: Deductions claimed for investment related expenses and the expense recovery fee are applied against the Fund’s taxable investment income and reflected in the unit price.

    For more information about tax please refer to How super works.

Fee terms

By law, super funds have to use specific terms to describe fees and costs. Those terms are explained below.

Activity fee

A fee is an activity fee if:

a) the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee:

i) that is engaged in at the request, or with the consent, of a member; or

ii) that relates to a member and is required by law; and

b) those costs are not otherwise charged as an administration fee, an investment fee, a buy‑sell spread, a switching fee, an advice fee or an insurance fee.

Administration fees and costs

Administration fees and costs are fees and costs that relate to the administration or operation of the superannuation entity and includes costs incurred by the trustee of the entity that:

a) relate to that administration or operation of the entity; and

b) are not otherwise charged as an investment fee and cost, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

Advice fee

A fee is an advice fee if:

a) the fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial product advice to a member by:

i) a trustee of the entity; or

ii) another person acting as an employee of, or under an arrangement with, the trustee of the entity; and

b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an insurance fee.

Buy-sell spread fee

A buy-sell spread is a fee to recover transaction costs incurred by the trustee of the superannuation entity in relation to the sale and purchase of assets of the entity.

The Fund does not charge a buy-sell spread.

Exit fee

An exit fee is a fee, other than a buy-sell spread, to recover the costs of disposing of all or part of members' interests in the superannuation entity.

Insurance fee

A fee is an insurance fee if:

a) the fee relates directly to either or both of the following:

i) insurance premiums paid by the trustee of the superannuation entity in relation to a member or members of the entity;

ii) costs incurred by the trustee of the superannuation entity in relation to the provision of insurance for a member or members of the entity; and

b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and

c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an advice fee.

Investment fees and costs

Investment fees and costs are fees and costs that relate to the investment of the assets of the superannuation entity and includes:

a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and

b) costs incurred by the trustee of the entity that:

(i) Relate to the investment of assets of the entity; and

(ii) are not otherwise charged as administration fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

Switching fee

A switching fee for a MySuper product is a fee to recover the costs of switching all or part of a member's interest in the superannuation entity from one class of beneficial interest to another.

A switching fee for a superannuation product, other than a MySuper product, is a fee to recover the costs of switching all or part of a member's interest in the superannuation entity from one investment option or product in the entity to another.

Transaction costs

Transaction costs are costs associated with the sale and purchase of assets of the superannuation entity other than costs that are recovered by the superannuation entity charging buy-sell spreads.